HSBC Says Trade Deal Shows Blockchain Viable for Trade Finance

May 14, 2018

Taken from Bloomberg…

“HSBC completed a transaction using blockchain which it said shows the technology is commercially viable for trade finance.

Together with ING Bank NV, the London-based bank handled a letter of credit for Cargill Inc. which relied on the blockchain technology developed by the R3 consortium, according to an emailed statement on Monday. The letter of credit backed a shipment of soybeans transported last week from Argentina to Malaysia, the statement added.”